Even if there are differences per organization and business constructions, CFO leads monetary affairs along with IT, Law, Risk Administration, Direct-Indirect Buying and Human Resources departments and performs an effective function in strategic administration and planning by focusing on company sustainability. Basically, CFO has three different heads. These are execution, supervision, and counseling. We will clarify execution position as providing security of monetary charts and managing the cash that’s the vital point of an organization in an optimum way. Supervision duty consists of; controlling the bills of some departments to see if these are used up in response to determined regulations and auditing operational processes by a planned and unplanned way to avoid corruption possibilities. And for counseling duty, we can exemplify issuing opinions particularly to the Board, CEO and all different managers about buyer-supplier enterprise partners, new business areas and products, incentives, company and department performances. CFO is the eye of the Board within the firm and reliable business consultant of CEO with all these attributes.
Assist of the Board and CEO may be very critical
Support of the Board and CEO is essentially the most importing thing for CFO to fulfill all these duties and responsibilities in a proper way. Because many of the assignments that sound good and asked to be achieved, cannot be carried out resulting from lack of support on inter corporate conflicts and different reasons. We are able to sort the side effects of this kind of negative situations as a rise in company risks and miss the opportunities.
How CFO’s can decide priorities?
And this question is an important topic that CFO should take note of scientific and structural approach and maybe is competence in the determination of a successful-unsuccessful CFO. It’s not a very rational behavior to anticipate managing all these mentioned completely different experience areas and subjects by one person under normal circumstances till CFO determines the proper priority and use the cash source and workforce of the company in a correct way. S/he can still manage his profession in a proper way and, in truth, s/he can still enjoy it. These duties handled by him/her are divided into 4 groups in response to importance and urgency, and CFO ought to distribute these non-stop tasks in an accurate way.
Urgent and necessary topics
Urgent however unimportant topics
Non-urgent but necessary subjects
Non-urgent and unimportant subjects
CFO’s certainly give primacy to “urgent and necessary subjects” and should never work on “non-urgent and unimportant” subjects. However the level that makes the distinction in that’s the time s/he spares time for “non-urgent but important subjects.” The quintessence for this one would be; observing the personal and professional development of the workers from the bottom to the highest level that’s managed by her/him and contribute in individual if possible. Even if this duty is severe and long-termed, the return of it is high. Because the more s/he has a greater and an geared up team, the more they can fulfill the advanced duties and responsibilities that are provided.
Lesson: CFO should decide the priority in a proper way and should invest in the well-selected team. Otherwise, the occupation that CFO do might change into one of the riskiest profession.
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